Editors/Photographers
Mike Dragosavich
Brady Drake Brady@SpotlightMediaFargo.com
Geneva Nodland, Josiah Kopp
Kim Cowles
Ty Betts
Kenneth Krumm, Arielle Windham, Michael Danielson
Nick Schommer
Paul Hoefer Paul@SpotlightMediaFargo.com
Sam Winter Sam@SpotlightMediaFargo.com
Al Anderson Al@SpotlightMediaFargo.com
Austin Cuka
AustinCuka@SpotlightMediaFargo.com
Ellen Hannaher-Brenchley
ClientRelations@SpotlightMediaFargo.com
Jenny Johnson
Jessica Ventzke
Missy Roberts
John Stuber
y the time our next issue is out, it will be 2025. How crazy is that?
As I write this, I can't help but think how important it is to remain optimistic. There is a lot going on in the world that is out of our control, but having a positive mindset can truly be game changing.
Positivity is the fuel that helps people and businesses thrive, teams grow stronger, and individuals push boundaries. When the world shifts, our perspective guides us through uncertainty, pushing us to innovate, adapt, and succeed.
In 2024, we saw a lot of shifting in the world. There are terrible wars going on, market shifts, and technological advancements being made at breakneck speed. But as my football coaches used to say, 'There are two things you can control, your effort and your attitude.'
So, with a positive mindset in hand, I ask, what are you most excited about in 2025? Perhaps it’s a new project, an industry development, or simply the chance to grow your business in fresh and unexpected ways.
As always reach out to brady@spotlightmediafargo. com to let us know.
Sincerely,
Bis-Man INC! Editor
ne of the region's premiere banks just got even better. Dacotah Bank recently welcomed Patrick Erickson as its new Fargo Market President.
Patrick has been working in banking for almost 20 years. He started his career in 2006 as an intern at Bremer Bank, working with farmers. Then, he became a full-time analyst. Later, he took on jobs in business banking and commercial lending in South Dakota. In 2023, he moved back to Fargo to work with US Bank before joining Dacotah Bank.
Talking about his career journey, Patrick said, “Throughout my career, I’ve always been open to new opportunities. One of the biggest changes was when my wife got a job at Augustana University in Sioux Falls. Moving to a new city was hard, but it helped me switch from an analyst job to business banking. Those years were really important for my career." Eventually, Patrick moved back to Fargo to be closer to family—he and his wife wanted their four sons to grow up near their extended family.
Patrick is very excited to join Dacotah Bank. "I knew about the bank's history of helping communities, and the sense of community banking is what attracted me to Dacotah Bank," he said. As Market President, his goal is to grow the bank's market share in Fargo. He believes in the strength of the team and the many services Dacotah Bank's Fargo branch offers,
like business and personal banking, mortgage services, and insurance. Patrick's leadership style was influenced a lot by his time in Leadership South Dakota. He believes it taught him to be flexible in how he leads.
"The biggest thing I learned is that there is no 'one size fits all' when it comes to leadership. Leadership needs to be adaptable," Patrick said.
Besides his work, Patrick is very involved in the community. He volunteers with the West Fargo Youth Hockey Association and Kindred Youth Baseball. He says coaching often feels like a second job, but he loves it.
"Being a good citizen and caring for people doesn’t cost anything," Patrick said. He believes that giving back is important and that small actions can make a big difference.
When he’s not working or volunteering, Patrick enjoys spending time with his family, especially at the lake. He is also teaching his kids to enjoy hunting.
As Market President, Patrick wants to make Dacotah Bank a valued partner in the Fargo community, especially as the area keeps growing. "With Fargo's entrepreneurial spirit, we want our businesses to succeed, and Dacotah Bank is here to help them succeed."
By NorthStar Technology Group
unning a business is like being in the driver’s seat of a high-performance car. It’s fast-paced, competitive, and full of passion. But even the best racecars can’t go far without regular pitstops.
Skipping those important checks is like failing to assess the security risks in your business. You may initially save time, but at what cost?
Risk assessments are important for identifying risks and maintaining asset safety and efficiency to keep your business at its peak. Without them, you leave your business vulnerable.
Regular risk assessments help you in a lot of ways:
A slight oversight during a race can leave you in the back of the pack. Similarly, unseen risks in business, whether related to cybersecurity, operations, or physical security, can have serious consequences. Risk assessments help detect these problems before they turn into major disasters.
Your car’s engine, fuel, and wheels are its lifeblood. Lose one, and you’re out of the running.
Your business' lifeblood is its data, infrastructure, and people. Risk assessments give you the chance to protect against cyberattacks, breaches, or operational failures that could bring your operations to a standstill.
Following the rules of the race keeps you on track. Failure to comply leads to penalties. In the same way, companies must comply with regulations such as GDPR
or HIPAA. Regular risk assessments help you meet compliance standards, avoid hefty fines, and maintain your reputation as a responsible and trusted organization.
A finely tuned racecar empowers you to go with the best racing strategy confidently. Risk assessments do the same for your business. With knowledge of potential threats, you can make informed strategic decisions and ensure you are always ahead of the curve.
The smoother the car runs, the easier it is to handle. The same goes for your business. By identifying inefficiencies
and weaknesses, risk assessments help you streamline operations, reduce downtime, and improve overall performance. This, in turn, creates a more resilient, cost-effective business model.
A well-maintained car builds trust between the driver and the team. Continuous risk assessments help build the confidence of your customers, investors, and partners. Your proactiveness will be counted as proof of your long-term vision and readiness to test your limits.
In racing, your confidence in the reliability of your car can push you to
victory. Similarly, if risks are properly managed, you can focus on growing your business, expanding into new markets, and seizing opportunities, knowing that potential risks are under control.
Your business can’t thrive without regular assessments to recalibrate and protect what matters the most. Risk assessments give you an advantage, ensuring you are prepared for whatever comes next.
Every year, we have an opportunity to highlight so many amazing members of our business community. Take a tour with us through a handful of the awesome people and businesses featured in our magazine over the past year.
BY BRADY DRAKE
We kicked off the year by profiling Mighty Missouri Coffee Co. and its founder Brian Jackson.
Along his journey, Jackson transformed from a marketing professional with creative ambitions to a coffee entrepreneur. Originally starting as a side venture, Jackson fully embraced the coffee business after learning more about it and seeing its potential. Early challenges included developing a business plan and facing initial rejections from grocery stores. However, a major breakthrough came when Grammy-nominated artist Matthew West wore a Mighty Missouri Coffee t-shirt on stage, which sparked interest in the brand and led to its first grocery store presence.
Now, Jackson's coffee can be found in grocery stores around the area and patrons can visit their two in person locations at the Kirkwood Mall and Bismarck YMCA.
The Value of Perseverance and Adaptability
Importance of Authenticity Over Trends: Jackson learned to stay true to the brand’s identity rather than following every trend in the coffee industry. He acknowledges that attempting to mimic popular trends or other coffee shops didn’t work for Mighty Missouri because it wasn’t aligned with their values.
Building a Strong, Dedicated Team: Initially operating the business alone, Jackson realized the importance of a supportive team.
Engaging with the Community: From sponsoring the Bis-Man Triathlon to ensuring every customer feels valued, he learned that community engagement was crucial for business growth and a positive brand reputation.
CHECK OUT JANURARY'S ISSSUE!
Also profiled in this issue was President of the Eide Automotive Group Jesse Peterson.
Peterson joined the business in Bismarck in 2005. Initially, he intended to move on but grew passionate about building a long-term career in the Bismarck-Mandan area. Over nearly two decades, Eide Automotive has expanded significantly, selling approximately 2,800 vehicles annually across multiple dealerships.
It's important to emphasize talent retention and internal growth.
Focus on the customer experience.
Be adaptable in the face of competition.
In February, we took a look through the decades and highlighted some of BismarckMandan's oldest businesses.
(ESTABLISHED 1933)
(ESTABLISHED 1908)
Founded by Harry A. Thompson in 1908, H. A. Thompson & Sons is a multi-generational family-owned HVAC company in Bismarck. Originally focused on heating and plumbing, the business has grown into a leader in commercial HVAC services. Significant milestones include expanding into preventive HVAC maintenance, adapting to technological advancements, and fostering community relationships.
Peacock Alley opened at the end of Prohibition and has become a political and social hub in Bismarck. Owned by Dale and Melodie Zimmerman, Peacock Alley is located in the historic Patterson Hotel and is known for its quality dining, unique atmosphere, and community role.
(ESTABLISHED 1946)
(ESTABLISHED 1943)
Starting as a vegetable garden in 1943, Faulkner's Market has grown into a community staple in Mandan, offering fresh produce and garden essentials. The market faced challenges such as flooding and ownership transitions but remains a family-owned operation now run by Mark and Lynette Dagley.
Ohm's Cafe, a family-owned restaurant in Mandan, has served the local community for over seven decades. Known for its welcoming atmosphere and traditional menu, Ohm's has remained a local favorite while adapting to modern dining needs, such as expanding hours and adding dinner options.
(ESTABLISHED 1954)
Established by Harley McDowell, Bismarck Big Boy is a nostalgic drive-thru restaurant offering classic American fare. It has survived ownership changes and remains the only Big Boy in the region, drawing in both locals and tourists.
CHECK OUT FEBRUARY'S ISSSUE!
Our February issue also featured a profile on Dr. Sandee Funk, founder and owner of Lifestyle Chiropractic in Bismarck and Hebron, ND.
In 2011, she established her business, originally called Hometown Wellness, working from a small apartment. Despite facing housing and licensing challenges due to the region’s oil boom, she managed to secure a storefront and built a clientele by traveling to clients’ homes.
Dr. Funk expanded her practice to Bismarck after regularly commuting for her son’s sports activities, eventually establishing a five-day-a-week schedule in Bismarck and maintaining one day per week in Hebron. Today, Lifestyle Chiropractic is a collaborative wellness center that includes other specialists like estheticians, massage therapists, and homeopathic practitioners. Known for a holistic approach, Dr. Funk believes there is a strong connection between chiropractic care and overall wellness.
Adaptability in Overcoming Initial Challenges: Dr. Funk started with minimal resources, moving from her apartment to clients’ homes to overcome business and housing challenges. Her flexibility allowed her to establish a loyal client base early on.
Collaboration and Building a Strong Team: As her practice grew, Dr. Funk collaborated with professionals from complementary fields. This team approach provided patients with holistic care options to give them a better experience.
The Value of Community and Support Networks: Dr. Funk utilized the BNI networking group to help her build valuable professional connections..
CHECK OUT MARCH'S ISSSUE!
One of our favorite articles from March's issue was our profile on Lacey Madsen and her entrepreneurial journey with Lacey's Custom Jewelry, which began in her basement and has grown into a successful business in Bismarck.
Transparency and Customer Education: By educating clients on the value of gemstones and materials, Lacey has differentiated her brand from larger retailers and online shops.
Customized Service as a Competitive Advantage: Lacey’s personalized approach, including the repurposing sentimental items, sets her apart from competitors and appeals to customers seeking unique, meaningful jewelry.
Work-Life Balance: Lacey manages the balance between her business and family life by setting boundaries and prioritizing quality time with her family, which also sets a positive example for her team.
In this magazine, we also had the opportunity to highlight the 40-year journey of General Equipment & Supplies, Inc., a company founded in 1984 by former employees of General Diesel and Equipment: Don Shilling, Jerry Kern, Gene Hestdalen, and Orvis Stockstad. Initially focusing on heavy construction and aggregate equipment, the founders faced an uphill battle because they launched during a challenging economic period with high interest rates and a struggling construction industry.
Over the years, General Equipment expanded from a single location in Fargo to 10 locations across the U.S. and two in Canada. In 2000, Orvis Stockstad retired, with Don Shilling stepping up as president. Later, in 2017, the company transitioned leadership to a new generation, including Jon Shilling, Don’s son. Under Jon’s leadership, the company diversified further, expanded geographically, and is on track to meet a financial goal set for 2027, potentially ahead of schedule.
Prioritizing Regular Communication Across Teams: General Equipment’s use of Level 10 meetings (structured weekly meetings) and quarterly video updates helps maintain alignment and transparency, and reinforces a connected team environment.
Recognizing and Celebrating Core Values: The company awards a “Quarterly Core Values Champion” to highlight employees who embody their principles to create a cohesive and motivated workforce.
Goal-Setting and Strategic Planning: Writing goals down and sharing them with employees ensures everyone is aligned and invested in the company’s vision, a practice that has propelled General Equipment toward its financial targets.
In April's cover story, we detail the journey of Threefold, a video production company founded by brothers Keenan and Caleb Hauff in 2014, after graduating from NDSU. From their beginnings working freelance and focusing on high-quality video production, Threefold quickly grew by creating visually compelling projects for the local Bismarck-Mandan community.
In 2024, Threefold celebrated a major milestone with a move to a 10,000-square-foot studio, quadrupling their previous space! This space includes advanced features like high ceilings, LED walls for virtual production, and a dedicated audio room for podcasting. This expansion enables the team to handle larger, more complex projects.
The Power of Community Connections: The Hauff brothers' early connections with the Bismarck-Mandan community were vital to their growth, proving that building local relationships can be as important as delivering quality work.
Strategic Team Building: Keenan and Caleb focused on hiring team members who shared their vision.
CHECK OUT APRIL'S ISSSUE!
In May, we highlighted 24 new ventures in the Bismarck-Mandan community.
Mighty Missouri Coffee Co. is a coffee roasting business with a focus on quality and community, offering ready-to-drink beverages and quick meals expanded to the Kirkwood Mall.
Sazón is a Bismarck restaurant recreating a unique dining experience inspired by California, offering high-quality ingredients and a welcoming atmosphere.
Nail Boss is a nail salon in Bismarck providing luxurious, detail-oriented nail care services, including manicures, pedicures, and eyelash extensions.
Central Station is a Mandan venue for events, featuring 24 HD screens, golf simulators, and a gaming room.
Tilt Studio is an entertainment center in Bismarck's Kirkwood Mall, offering arcade games, blacklight mini-golf, bowling, and laser tag for all ages, as well as event spaces for corporate or social gatherings.
Rye and Rust is a Mandan boutique merging fashion with local flair, offering apparel, custom accessories, and home decor, appealing to style-conscious individuals with a sense of local pride.
Known for burgers and wings, this restaurant expanded from Mandan to North Bismarck.
X-Golf Bismarck is an indoor golf facility offering high-tech simulators, PGA-certified lessons, and event spaces, with a full-service bar and restaurant for a social experience.
The Jousting Lemur is Bismarck's wine bar with self-serve wine stations, rotating wine selections, a full dinner menu, and live music.
A pet boarding service in BismarckMandan offering daycare and specialized services, including an underwater treadmill for rehabilitation, expanded with a second location.
Sips is a drink and treat stand that started in Minot and expanded to Bismarck, which serves a variety of refreshing beverages.
This Mandan boutique offers custom apparel, glassware, and locally-made goods.
This Bismarck women’s boutique franchise offers trendy and affordable fashion items.
Amplified Athletics is a Mandan fitness center providing training, nutrition counseling, and a variety of fitness programs tailored to athletes and the general public.
Aviators Bar is a Mandan sports bar with an aviation theme, featuring an extensive selection of beers and decor.
TWISTED MINDS ODDITIES, CURIOSITIES, AND MORE
North Dakota’s only oddities and curiosities store, offering one-of-akind items, vintage goods, and tarot readings.
Gentle Paws Critter Care is a pet-sitting and dog-walking service specializing in the care of diverse pets, from cats and dogs to reptiles and rodents.
SAPPHIRE GALLERY & CUSTOM FRAMING
Sapphire Gallery & Custom Framing is a Bismarck gallery specializing in North Dakota artists and custom framing.
Atomic Sealing is a Bismarck-based waterproofing and roof-sealing company focused on mobile homes.
Cafe Noko is a cafe located in St. Alexius Hospital, which is open to the public and known for its breakfast and lunch options, fresh coffee, and community-focused approach.
This is an immigration law firm in Bismarck providing legal services for various immigration-related matters.
Kids In Motion Pediatric Therapy & Wellness is a therapy center in Mandan offering physical, occupational, and speech therapies tailored for children.
This is a Bismarck shop offering authentic Mexican treats, including paletas, bolis, and specialty ice creams.
Fringe Hair & Co is a Bismarck hair extension and styling business known for its modern techniques and vegan color treatments.
CHECK OUT MAY'S ISSSUE!
In June, we spoke to a number of entrepreneurs in the community with a simple request; give us some game changing advice!
Here are some of the things we learned.
Remote Staffing: Hiring international remote employees for support roles can reduce costs while maintaining service quality.
Simple Office Spaces: Embrace a functional office without excessive spending; many clients are comfortable with virtual meetings, which minimizes office expenses.
Contracted Help: Instead of hiring full-time staff, use contractors when appropriate. It’s cost-effective and flexible and helps avoid expenses like benefits and paid time off.
Building Your Own Hosting Infrastructure: Provides affordable, secure hosting, which reduces dependence on third-party providers.
Clear Scheduling: Use a structured calendar to set and complete tasks by designated dates, avoiding backlogs, and overlapping projects.
Morning Routine: Start with a productive first half-hour to set the tone for the day.
Work Assistants: Hire an assistant if budget allows to double output and manage administrative tasks.
Community Engagement: Attend networking events and engage with local business groups like 1 Million Cups, the Chamber of Commerce, and IABC Great Plains. Networking helps build relationships and secure partnerships.
Non-Traditional Marketing: Focus on organic growth strategies, such as community involvement and networking, rather than solely relying on traditional advertising.
Consistent Social Media Presence: Use platforms like Facebook, TikTok, Instagram, and LinkedIn to stay visible and build a brand identity. Posting on personal LinkedIn pages builds credibility and trust.
Customer-Focused Service: Being present for clients, even traveling if necessary, builds loyalty and trust. Personalized service can create lifelong customers.
Transparency and Growth Opportunities: Keep employees informed about their roles, growth potential, and the company’s direction. This fosters motivation by showing them the impact of their work.
Servant Leadership: Lead by example and support employees by removing obstacles, reinforcing trust, and showing them they are valued.
Empowerment and Continued Education: Encourage selfimprovement and send employees to relevant seminars. Providing training shows that the business invests in their growth, which boosts loyalty and engagement.
Our July cover story focused on Goldman Sachs' 10,000 Small Businesses (10KSB) program, which supports small business owners by providing education, capital access, and networking opportunities. Established 14 years ago, the program has helped over 15,000 small business owners across the United States. In North Dakota, the program is led by Dr. Karmen Sorenson, Executive Director of the 10KSB program in North Dakota, and partners with Bismarck State College, where business owners can engage in a practical, hands-on 12-week course.
(KEELY'S CLEANING CREW)
Keely found the program transformative, as it provided her with business insights and expanded her professional network. She appreciated the program’s resources, which allowed her to grow her business strategically and connect with a supportive community of business owners.
(FM AERIAL & MOVEMENT ARTS)
Yvette valued the comprehensive curriculum, particularly in understanding operations management and financial planning.
(WEST RIVER CHIROPRACTIC CO.)
Brett used the program’s financial modules to develop a growth plan for his clinic, which included expanding his staff and services. He found that learning financial forecasting and business planning helped him make informed decisions about hiring and strategic growth.
In this magazine, we also had the pleasure of interviewing U.S. Small Business Administration Administrator Isabel Casillas Guzman who was visiting North Dakota as part of her Small Business Boom Tour.
CHECK OUT JULY'S ISSSUE!
CHECK OUT JULY'S ISSSUE!
In August, we tackled a topic that is unfortunately all too familiar for many employees out there: burnout.
(OWNER, VITALITY MENTAL HEALTH)
Describes burnout symptoms as fatigue, irritability, decreased performance, physical issues, negative attitudes, and isolation.
(OWNER, NUVATION HEALTH SERVICES)
Highlights burnout from prolonged stress, noting symptoms like exhaustion, irritability, and negative feelings about work. She differentiates burnout from stress, which is typically tied to specific tasks.
(MENTAL HEALTH COUNSELOR, SUMMIT COUNSELING SERVICES)
Mentions burnout symptoms similar to depression, like tiredness, gloominess, and work aversion.
(FOUNDER, CENTER COUNSELING)
Describes burnout symptoms as fatigue, irritability, decreased performance, physical issues, negative attitudes, and isolation.
(OWNER, NUVATION HEALTH SERVICES)
Emphasizes the impact of a lack of boundaries as a cause.
(MENTAL HEALTH COUNSELOR, SUMMIT COUNSELING SERVICES)
Points to high-stress jobs, especially in healthcare and law, as more burnout-prone due to their demanding nature.
(FOUNDER, CENTER COUNSELING)
Suggests frequent breaks, managing workloads, and a balanced schedule as preventative steps.
(OWNER, NUVATION HEALTH SERVICES)
Advises clear job descriptions, prioritized tasks, and open communication to prevent burnout.
(MENTAL HEALTH COUNSELOR, SUMMIT COUNSELING SERVICES)
Recommends a focus on health fundamentals like eating well, sleeping, and exercise.
Our Women in Business cover story aimed to spotlight some of the many inspiring female leaders in the area.
Here is one thing we learned from each of the woman featured.
(FOUNDER AND CEO OF OUT OF TOWN CLOTHING)
"Always know your worth, and don't let anyone make you feel that you aren't equal. Speak confidently and fight for what you deserve."
(ORGANIZER AND OWNER OF ORGANIZE WITH LEXI)
"When I feel overwhelmed and close to burnout, I lean on the things I'm grateful for: faith, family, friends, and health."
(OWNER OF 3ANDME MOBILE COFFEE)
"Women were given this beautiful gift of intuition... don’t take anything else from people not helping you reach your goals."
(CO-FOUNDERS OF KAJAER GEOCONSULTING)
"We want to build a network of strong women to support each other."
(EXECUTIVE DIRECTOR OF NORTH DAKOTA WOMEN’S BUSINESS CENTER)
"Surround yourself with supportive mentors and peers who provide guidance and encouragement."
(OWNER/OPERATOR OF THE 13TH HAT)
"When networking, ask questions about the people you meet... as people get to know you, and you get to know them, you’ll be invited back to contribute in meaningful ways."
(CO-FOUNDER & STRATEGY DIRECTOR OF THE GOOD KIDS)
"Surround yourself with incredible businesswomen... and build a supportive inner circle."
(CPA AND OWNER OF TSH, LLC)
"Go for it! You are your only barrier to entry—no one else."
(CEO AND PHYSICAL THERAPIST AT PROXIMAL50 LIFE CENTER)
"If you see yourself as an equal, you will be treated as one."
CHECK OUT SEPTEMBER'S ISSSUE!
In our October issue, we talked about the thing nobody wants to think about: disaster.
CHECK OUT OCTOBER'S ISSSUE!
(EMPLOYEE ASSISTANCE PROGRAM (EAP)
CLINICAL SUPERVISOR AT THE VILLAGE FAMILY SERVICE CENTER)
Employers should provide easily accessible resources like an EAP for employees, remind staff of these resources, and train supervisors to support struggling employees. Hagen emphasizes the importance of creating a supportive work environment, where normalizing struggles helps employees feel they’re not alone. "It’s important to normalize things. We all go through struggles and people need to feel like they're not alone.”
(GALLUP CERTIFIED STRENGTHS COACH AND TRAINER AT THE VILLAGE FAMILY SERVICE CENTER)
Williams advocates for training programs focused on diversity, mental health awareness, stress management, and effective communication. She stresses the importance of empathy and understanding diverse backgrounds to create respectful workplaces. “Mental health is health... We have to get past this thing with it where we think it's something we shouldn't talk about.”
(HUMAN RESOURCES DIRECTOR AT PRO RESOURCES)
On issues of substance use in the workplace, Johnson highlights the importance of creating clear policies, conducting respectful investigations, and involving HR for proper support. For sexual harassment, she recommends annual training, clear reporting protocols, and a respectful workplace culture led by management. “If you are questioning an action or comment, don’t do it or say it.”
(PRESIDENT AND OWNER OF NORTHSTAR TECHNOLOGY GROUP)
Satkunam emphasized preparation for cybersecurity threats, such as having cyber liability insurance, incident response plans, and robust backup systems. He advises against hastily shutting down systems during a breach and recommends consulting cyber insurance providers.“The biggest thing is preparation. Don’t wait until something bad happens.”
(CHIEF SECURITY OFFICER AT NORTHSTAR TECHNOLOGY GROUP)
DeFay explained the importance of robust, regular backups and understanding recovery objectives. He encourages awareness and simplicity in cybersecurity practices to avoid common threats like business email compromise. “Having a robust backup system is super important.”
MICHAEL THOMAS
(INSURANCE AGENT AT KRAMER AGENCY)
Thomas reminded us about the importance of thorough documentation, such as photos and inventory lists, to expedite claims for fire damage. He stresses the need for comprehensive policies, including business income coverage, to prevent financial disaster during recovery. “Pictures are worth a thousand words and way more money than that.”
KENNETH M. KRUMM
(CPA, OWNER OF KRUMM & ASSOCIATES)
Krumm advised establishing a detailed emergency financial plan with cash flow projections, emergency funds, and clear communication protocols. He recommends prioritizing payroll, renegotiating payment terms, and exploring new revenue streams for financial stability. “A well-prepared emergency financial plan lays the groundwork for resilience and agility in the face of adversity.”
In this issue, we had the opportunity to explore the lives and careers of several entrepreneurial veterans. Their stories showcase resilience, adaptability, and leadership, developed through their military experiences. The narratives include challenges faced during transitions to civilian life, the pursuit of new careers or businesses, and the role of mentorship and community support.
Military Service: Served 13 years in the Marine Corps as a gunsmith, where he learned precision and team-building skills.
Transition Challenges: Faced significant difficulties adjusting to civilian life, including a failed business and isolation.
Career Path: Rediscovered his passion through event production, leveraging CAD and 3D modeling skills to become COO of Mobile Pro.
Family Legacy: Built a liqueur business from a family recipe.
Key Advice: Building relationships in business is essential for long-term success.
Career Focus: Helps veterans transition to civilian life by connecting them with employment and community resources.
Insight: Veterans face unique challenges, including PTSD and cultural adjustments, which require tailored support and reasonable workplace accommodations.
Transition to Civilian Work: Applied military mechanical skills to become a successful business owner in metal fabrication.
Veteran Perspective: Military training prepared him for leadership and operations in business.
Career Pivot: Transitioned from public health microbiology to self-publishing romance novels, running a successful publishing business.
Work-Life Balance: Chose a flexible career to accommodate raising four children.
CHECK OUT NOVEMBER'S ISSSUE!
By Kenneth Krumm, Owner, Krumm & Associates
a small business owner, you might assume that the Corporate Transparency Act (CTA) only applies to large corporations or multinational entities. However, this isn't the case. The CTA affects many small businesses, including Corporations, Limited Liability Companies (LLCs), and Partnerships, which may not have realized they are impacted. This new law requires most companies to disclose their beneficial owners—those who ultimately own or control the business—to the Financial Crimes Enforcement Network (FinCEN). If you're unsure whether the CTA applies to you or haven't yet filed your required information, it's critical to understand the law's requirements now.
Failure to comply with the CTA could result in hefty fines and penalties, and with scams targeting confused business owners, you don't want to risk missing the deadline or being caught off guard. In this article, we'll explain who must register, why the CTA is important, and how small businesses can avoid the common pitfalls of non-compliance.
Congress passed the Corporate Transparency Act (CTA) in January 2021 as part of the National Defense Authorization Act. Its goal is to combat money laundering, fraud, and using "shell companies" to hide illicit financial activity. Specifically, the CTA requires most foreign or domestic companies to disclose their beneficial ownership information (BOI) to a new national database managed by the Financial Crimes Enforcement Network (FinCEN). This will create a central repository known as the Beneficial Ownership Secure System (BOSS), allowing law enforcement and other authorities to track ownership and control of U.S. companies more efficiently.
The law targets beneficial owners—individuals who directly or indirectly control a company and those who ultimately benefit from its operations or own a significant share. Even if your business is not traditionally considered large, you may need to comply with the CTA if it's an LLC, corporation, partnership, or similar legal entity.
The CTA applies to most business entities operating in the U.S. or formed in the U.S. This includes:
Corporations (S or C), including Homeowners Associations (HOAs), unless they are 501(c)(4) exempt
LLCs (Single-Member LLCs or Multi-Member LLCs)
LLPs, LLLPs, and LPs
However, there are some exemptions. You are not required to file if your business falls into one of the following categories:
Sole Proprietorships or Farmers (unless operating as an LLC)
Rental Property Owners (unless operating as an LLC)
General partnerships
Grantor, Charitable, or Irrevocable Trusts (unless created by state forms)
PCAOB-registered accounting firms
Securities-related companies
Insurance companies
Most banks and credit unions
Entities are already reporting beneficial ownership information to other federal agencies
Inactive entities formed before January 1, 2020, with less than $1,000 in transactions in the past year
The CTA does not apply to certain larger companies and regulated entities. To qualify for the Large Company Exemption, the entity must meet all three of the following conditions:
More than 20 full-time employees in the U.S.
A physical office located in the U.S.
The company's most recent U.S. tax filing reported annual revenue of $5 million or more
Entities controlled by large companies also qualify for an exemption if the parent company meets the Large Company criteria.
One of the most confusing aspects of the Corporate Transparency Act (CTA) for small business owners is determining who controls the company. The CTA requires businesses to report both direct and indirect beneficial owners who exercise control over the entity directly or through other means. For many small businesses, this can be unclear, particularly when control is exercised through voting rights, agreements, or even informal arrangements.
The CTA specifically seeks to identify those who have substantial control over the business, which can include individuals who:
Have the ability to appoint or remove officers or directors
Hold a significant percentage of the voting rights, even if they do not own a majority share
Can influence key decisions about the company's operations
This ambiguity in defining control often confuses small business owners, especially since the CTA requires the disclosure of indirect ownership, which means that someone who may not appear to have control on the surface but exercises influence through other means still needs to be identified. Small business owners may struggle to identify and report all relevant individuals who fall into these categories without clear guidance. This is one reason businesses hesitate to comply or delay filing until regulators clarify.
While the CTA aims to increase transparency and combat money laundering, recent legal challenges have confused small business owners.
In March 2024, the U.S. District Court for the District of Alabama ruled the CTA unconstitutional in National Small Business Association v. Yellen, temporarily halting enforcement for businesses involved in the lawsuit. This decision was a temporary victory for the 65,000-member NSBA. While FinCEN has since announced it will not enforce the CTA's requirements for the plaintiffs during the appeal process, the case is expected to go to the Supreme Court.
For businesses formed after December 31, 2023, filing the Beneficial Ownership Information (BOI) form within 90 days of formation is recommended. For those in existence before 2024, it's best to wait until late November 2024 for more legal clarity.
Failure to comply with the CTA can result in significant penalties. Companies that do not file or submit inaccurate Beneficial Ownership Information (BOI) may face civil penalties of up to $500 per day. The total fine for a continuing violation can reach up to $10,000. For willfully failing to comply or submitting false information, businesses and individuals could face criminal penalties, including fines of up to $500,000 and possible imprisonment for up to two years.
These penalties highlight the importance of staying informed and filing on time.
Despite the CTA's impact on small businesses, its adoption has been slow. FinCEN initially anticipated that the CTA would result in 36 million new registrations, but as of recent reports, only 2 million filings have been submitted— far below expectations.
This slow adoption may be due to a few factors:
The complex nature of the reporting requirements and a lack of clear guidance on critical issues such as indirect ownership and attribution
Legal uncertainties, especially following a recent court ruling that temporarily halted the CTA's enforcement for certain plaintiffs
Some businesses may await final legal clarity before complying with the regulations
Small businesses, particularly those formed before 2024, should be aware of the deadline for filing—by late November 2024—to avoid penalties once the law is fully enforced.
As businesses navigate the complexities of the CTA, new scams have emerged, often exploiting confusion and the urgency to comply. For example, fraudulent entities may send phony communications claiming to be from FinCEN or other government agencies. These scams may involve fake letters with QR codes or official-looking notices demanding payment for assistance filing required forms.
Verifying any communication that seems suspicious or demands an immediate response is essential. Always contact the IRS or FinCEN directly via official channels to confirm the legitimacy of any requests. While the government assures that your Beneficial Ownership Information will be securely stored in the BOSS database, it's important to consider who has access to this sensitive data. According to recent releases, the following entities have authorized access:
Federal law enforcement, including security and intelligence agencies
State and local enforcement, including prosecutors and judges
Financial institutions and their regulators worldwide
Foreign law enforcement and prosecutors
Casinos and money service businesses (i.e., Check Cashing Company)
Given the sensitive nature of the information required under the CTA, business owners should be aware that while access is intended to be restricted, the wide range of authorized users still raises concerns about privacy and security.
Given the complexities of the Corporate Transparency Act, small business owners must stay informed about their obligations and ensure compliance. The law aims to increase transparency and fight illicit financial activity. While it's essential to be proactive in meeting filing requirements, businesses must also remain vigilant against scams and identity theft attempts.
Suppose you're unsure about the requirements or need assistance filing your Beneficial Ownership Information (BOI). In that case, it's wise to consult with a legal or tax professional who can help you navigate the complexities of the CTA and ensure compliance.
For more information, visit the official FinCEN website, which provides helpful resources and answers to frequently asked questions.
Krumm & Associates
krummcpa.com
Search “Krumm & Associates” /krumm-associates-cpa-s-consultants
By Arielle Windham
Empowered by Ladyboss Lifestyle
Erin Oban grew up in a small farming community in northwestern North Dakota. Although her family wasn’t politically active, they were deeply involved in the community, always helping and volunteering. For Erin, this sense of service wasn't about politics, it was simply about giving back and helping people. After graduating from a high school class of 27 students, she pursued a degree and became a middle school math teacher.
Following several years of teaching, Erin began to feel burnt out. “I realized I feel the need to give all of myself in whatever I am doing. If I'm not giving the best of myself, I'm doing a disservice to others,” she said. Taking a step back from teaching, Erin gained experience managing a nonprofit advocating for social change. She later worked with a regional education association that helped rural schools secure much-needed services.
“That is when I started to get into government and politics,” Erin said. In 2014, she was recruited to run for the North Dakota State Senate in District 35. “I would never have seen myself running for office. I was happy working for people, working behind the scenes, trying to get things done. I just never saw that for myself at all," she said. But some of her legislative connections saw her potential and encouraged her to run against the incumbent. After turning down the idea several times, Erin ultimately decided to give it a try, recognizing that she and others in her community weren’t feeling well represented.
“I think once I could accept the likelihood of losing, that's when I decided maybe I should try,” she said. But Erin didn’t have to settle for that outcome; she was elected in 2014 and then re-elected in 2018. While she enjoyed serving in the Senate, she felt something was missing and chose not to seek re-election.
“Again, I felt like I was no longer giving my best self, and I wanted to make sure that my district was represented by somebody who could,” Erin said.
Then she got a call from the White House.
“I knew previous state directors in this role, but it was not even a consideration for me because I intended to fulfill my legislative term,” she said. "When I had decided not to run again, though, the opportunity to continue in public service in a less political role was very intriguing to me.”
She was offered and accepted the role. Since March 2022, Erin has served as the state director of USDA Rural Development. While her role is different from her time in the Senate, there are some shared goals. “I want to deliver good government. Whether that was me being a representative on behalf of people in the Senate, or serving with this team at Rural Development, I want to
deliver the kind of government that I believe everybody should expect,” she said.
One of Erin’s priorities is making government accessible to people from all backgrounds. She believes that better conversations happen when diverse perspectives are included. During her time in the Senate, she was often praised for her ability to explain complex issues in terms everyone could understand. Erin has a unique talent for translating technical language into digestible bits
of information. “If you bring in a different perspective, conversations change,” she said.
Erin’s advice to others is to be authentic and let go of the idea that everyone must be pleased.
“Way too often, women, especially, assume that they are not smart enough. To that I say, bullshit. You are smart enough and then some. And as long as you're willing to learn, don’t let that hold you back from getting involved however you want—whether in elected office, volunteer roles, or nonprofit
boards for causes you care about. Somebody's going to do it. So, why shouldn’t it be you?”
Despite her busy career, Erin always makes time for family and friends. She enjoys good food and travel—and is kept on her toes by her second grader, who keeps her and her husband busy with all sorts of fun activities.
By Michael Danielson, Veterans Business Outreach Specialist
The Veterans Business Outreach Center (VBOC) program is designed to provide entrepreneurial development services such as business training, counseling, and resource partner referrals to transitioning service members, veterans, National Guard and Reserve members, and military spouses interested in starting or growing a small business. U.S. Small Business Administration (SBA) has 22 organizations participating in this cooperative agreement and serving as VBOCs.
Starting and growing a business can be an exciting yet daunting process. For entrepreneurs and small business owners, the U.S. Small Business Administration (SBA) offers a variety of free resources and services that can be invaluable in navigating the challenges of launching and scaling a business. Whether you're in the early stages of planning or looking for ways to expand, the SBA's programs provide the expertise, funding, and guidance you need to succeed. This article explores SBA’s free resources that can help you start, grow, and sustain your business, focusing on areas such as business planning, financing, marketing, networking, and more.
The SBA, established in 1953, is a government agency dedicated to supporting the interests of small business owners in the United States. Its mission is to help small
businesses start, grow, and succeed by providing access to resources such as free counseling, mentoring, loan programs, and educational tools. Through its extensive network of district offices and partnerships with other organizations, the SBA works to provide a range of services designed to help businesses thrive. By taking advantage of these free resources, entrepreneurs can increase their chances of success while reducing the risks typically associated with starting and growing a business.
One of the most critical steps in starting a business is creating a comprehensive business plan. The SBA provides free tools and templates that guide entrepreneurs through each section of their business plan, covering everything from the company’s mission and target market to competitive analysis and financial projections. These resources help ensure that business owners develop a clear roadmap for their company. Additionally, the SBA’s Business Plan Tool allows entrepreneurs to structure their business plans in a way that addresses key business elements systematically, which is especially helpful for those unfamiliar with business planning. The SBA also provides sample business plans for different industries to help guide entrepreneurs, as well as other resources like financial templates.
For more personalized support, entrepreneurs can turn to SCORE, a nonprofit organization that partners with the SBA to provide free business mentoring. SCORE offers one-on-one guidance from experienced mentors who
have expertise in various industries. Whether you need help writing a business plan, refining your marketing strategies, or navigating financial challenges, SCORE mentors are available to offer advice and support. This personalized guidance is invaluable, especially for new entrepreneurs who may not have experience in certain areas of business management. Through SCORE, business owners can receive advice on practical aspects of starting and running a business from individuals who have extensive entrepreneurial experience.
Another crucial resource is the Small Business Development Centers (SBDCs), which are located throughout the United States. SBDCs offer free business counseling, training programs, and workshops, and provide valuable assistance with areas such as business planning, market research, and financial projections. They also offer expert advice on securing government contracts, marketing, and managing international trade. SBDCs are especially useful for businesses looking for guidance on growing their operations. Many SBDC advisors also specialize in niche topics like government contracting or export opportunities, which can help businesses tap into new markets and diversify revenue streams.
Securing financing is one of the most significant challenges many entrepreneurs face when starting a business, and the SBA offers several resources to
help business owners obtain the capital they need. While the SBA does not provide loans directly, it offers loan guarantee programs that make it easier for small businesses to access financing from banks and other lenders. These programs often provide better terms than traditional loans, such as lower interest rates, longer repayment periods, and smaller down payments. The most common SBA loan program is the 7(a) Loan, which can be used for a wide range of purposes, including working capital, equipment purchases, and real estate. Another key SBA loan program is the 504 Loan, which is specifically designed for purchasing fixed assets such as real estate or major equipment. For smaller loan amounts, the Microloan Program provides loans of up to $50,000 to startups and businesses that may not qualify for traditional bank loans.
To help small business owners connect with the right financial institutions, the SBA provides the Lender Match service. This free, online tool matches entrepreneurs with SBA-approved lenders based on their business needs. By answering a few simple questions, business owners can be matched with lenders who specialize in the type of financing they need. This can save time and effort in the loan search process and increase the likelihood of securing financing.
The SBA also offers free training and resources to help business owners with marketing and networking. The SBA Learning Center offers online courses and webinars that cover a wide range of topics, including business law, marketing, financial management, and government contracting. These courses provide
valuable insights for entrepreneurs looking to build their skills and enhance their business knowledge. Whether you’re new to marketing or looking to refine your existing strategies, the SBA Learning Center provides a range of tools and materials to help you develop effective marketing campaigns and business strategies. Additionally, the SBA’s Office of Advocacy publishes reports and research to help entrepreneurs stay informed about regulations and policies that affect small businesses.
For businesses that wish to pursue government contracts, the SBA’s Office of Government Contracting provides free resources to help small businesses navigate the complexities of the federal contracting process. The 8(a) Business Development Program helps small businesses compete for government contracts by offering training, counseling, and access to a network of government buyers. The SBA also works with APEX Accelerators, which provides education and training to ensure that all businesses become capable of participating in federal, state, and local government contracts.
Entrepreneurs can also benefit from networking opportunities through the SBA’s various partners and resources. The SBA collaborates with chambers of commerce, trade associations, and economic development organizations to connect small businesses with potential clients and partners. Participating in networking events and industry-specific forums can help entrepreneurs expand their reach, collaborate with other businesses, and generate new business opportunities.
The SBA also provides specialized support through Women's Business Centers (WBCs). While WBCs serve both men and women, these centers are part of a nationwide network primarily designed to address the unique challenges that women face in business. WBCs offer free counseling, training programs, and workshops on topics such as business planning, financing, marketing, and leadership. Additionally, WBCs help obtain access to capital by helping clients navigate SBA loan programs and other funding sources. Networking events and mentoring programs are also available to connect women business owners with other entrepreneurs, partners, and industry leaders. The resources offered by WBCs are invaluable for women looking to start or grow their businesses, providing them with the support they need to overcome gender-specific barriers and succeed in a competitive marketplace.
Similarly, veterans who are interested in starting their own businesses can benefit from the SBA’s Veteran Business Outreach Centers (VBOCs). These centers are designed specifically to assist veterans and veteran spouses in transitioning from military service to entrepreneurship. VBOCs provide free business counseling, training, and mentoring tailored to the needs of veterans and their family members. These centers help veterans develop business plans, secure funding, and navigate government contracting opportunities. Through VBOCs, veterans gain access to a wealth of resources, including workshops on business management, marketing, and government contracting, as well
as support for applying for SBA loans and other funding programs.
The SBA’s Disaster Assistance Program is another critical resource for small businesses, particularly those in areas prone to natural disasters. The SBA offers low-interest loans to help businesses recover from damage caused by disasters. In addition to providing financial assistance, the SBA offers guidance on creating disaster preparedness plans, helping businesses prepare for future emergencies. This support can be especially valuable for small business owners who need to quickly recover from unforeseen events that impact their operations.
Once your business is up and running, the SBA continues to provide valuable resources to help you grow. Whether you’re looking for help managing cash flow, scaling your operations, or expanding into new markets, the SBA’s programs provide ongoing support. Many partner organizations, such as SBDCs, SCORE, VBOCs, and WBCs, offer workshops and consulting services to help business owners refine their operations, streamline processes, and improve profitability.
To access these free resources, entrepreneurs can visit the SBA’s official website, which hosts a wide array of tools, templates, and guides. The SBA’s local district offices, SCORE chapters, SBDCs, WBCs, and VBOCs also offer in-person consultations and workshops. These centers and offices are a valuable resource for business owners seeking
personalized advice or those who prefer face-to-face interaction. Additionally, the SBA’s online platforms, including the Learning Center, allow entrepreneurs to access educational materials anytime and from anywhere.
The U.S. Small Business Administration offers an impressive range of free resources that can help entrepreneurs start, grow, and sustain their businesses. Whether you're starting or looking to scale your operations, the SBA provides the tools, financial resources, and guidance needed to succeed. By leveraging programs like SCORE, SBDCs, WBCs, and VBOCs, entrepreneurs from diverse backgrounds can find the support they need to navigate the challenges of entrepreneurship. With the SBA’s help, you can focus on building your business, achieving your goals, and ensuring long-term success.
701-738-4850
und.edu/dakotasvboc /dakotasvboc @DakotasVBOC
4200 James Ray Dr Grand Forks, ND
